Mr. Stephen King reports

NFI ANNOUNCES SHAREHOLDER APPROVAL OF PRIVATE PLACEMENT OF COMMON SHARES

NFI Group Inc. has obtained the requisite shareholder approval for its previously announced private placement of common shares of the company pursuant to the terms of the investment agreement dated May 11, 2023, as amended, with Coliseum Capital Management LLC, a certain fund managed by CCM and an account managed by CCM, and as described in the company's management information circular dated May 26, 2023.

Under the investment agreement, Coliseum has agreed to purchase, subject to certain conditions, 21,656,624 shares at a price per share equal to $6.1567 (U.S.) for aggregate gross proceeds to the company of approximately $133-million (U.S.).

The requisite shareholder approval was obtained at the special meeting of the shareholders of the company held earlier today. The detailed results are set out herein.

Votes for*    % for*    Votes against    % against* 

34,056,654    97.82%          759,408         2.18%   

* Excludes 10,492,001 shares owned, controlled, 
managed or directed, directly or indirectly, by 
Coliseum and certain related entities, pursuant 
to the rules of the Toronto Stock Exchange and 
Multilateral Instrument 61-101 (Protection of 
Minority Security Holders in Special 
Transactions).

The private placement is a critical component of the company's previously announced comprehensive refinancing plan. The company expects to complete the private placement concurrently with all other elements of the refinancing plan prior to the release of the company's second quarter financial results, which are scheduled to be released on Wednesday, Aug. 2, 2023. Following completion of the refinancing plan, Coliseum's total ownership interest is expected to be approximately 27.4 per cent on a postclosing basis.

About NFI Group Inc.

Leveraging 450 years of combined experience, NFI Group is leading the electrification of mass mobility around the world. With zero-emission buses and coaches, infrastructure, and technology, NFI Group meets today's urban demands for scalable smart mobility solutions. Together, NFI Group is enabling more livable cities through connected, clean and sustainable transportation.

With 7,700 team members in 10 countries, NFI Group is a leading global bus manufacturer of mass mobility solutions under the brands New Flyer (heavy-duty transit buses), MCI (motorcoaches), Alexander Dennis Ltd. (single- and double-deck buses), Plaxton (motorcoaches), Arboc (low-floor cutaway and medium-duty buses) and NFI Parts. NFI Group currently offers the widest range of sustainable drive systems available, including zero-emission electric (trolley, battery and fuel cell), natural gas, electric hybrid and clean diesel. In total, NFI Group supports its installed base of over 100,000 buses and coaches around the world. NFI Group's shares trade on the Toronto Stock Exchange under the symbol NFI, its convertible unsecured debentures trade on the TSX under the symbol NFI.DB and its subscription receipts trade on the TSX under the symbol NFI.R.

We seek Safe Harbor.